Arguably the biggest shake-up in the security industry over the last few decades has been the rise in cyber defence technology. With hackers only ever improving their skills, it makes sense that demand for digital security is growing rapidly. But how solid is the current cyber security industry? In this article, we’ll be looking at the recent success of this relatively young sector so far, as well as what might come next.
The growth
As we’ve discussed in a recent industry analysis piece, the number of cyber security firms currently operating in the UK has increased by almost 50 per cent since 2017. This is equal to one new UK business being established every week and means that, as of 2020, there are approximately 1,200 companies dedicated to tackling domestic digital breaches and hackers.
Subsequently, the cyber security sector is now worth £8.3bn. This is according to a new report from the Department for Digital, Culture, Media and Sport (DCMS), which also claims there has been an increase in total revenues for these businesses of 46pc over the last three years. In essence, this makes the cyber security sector a rapidly emerging force in the wider security industry.
The vulnerabilities
Despite the reassurance that this growth provides when it comes to attacking cyber security threats, there are still considerations the industry needs to keep in mind to ensure further success. Digital attacks are only going to get more complex, thus firms within this sector need to be ready to meet and prevent more advanced threats in the future. If they fail to meet these challenges effectively, if and when they come, the rising demand for dedicated cyber security firms may stagnate.
So, what’s next for the cyber security industry?
In order to avoid any complacency, cyber security professionals and firms should consider re-investing in training and planning. For example, providing greater instruction for clients and installing plans for communication in the event of a major breach should help companies respond more effectively to new hacks.
In addition, if the cyber security sector generally can develop more thorough detection measures as well as reliable back-up and patching procedures, the industry will be ready to understand more comprehensive digital threats. In all, as long as the cyber security firms can continue to combat the very real risks businesses face in the digital sphere, the industry should keep going from strength to strength.
